The act of selling goods abroad at a price below their cost and below the price charged in the domestic market is called
A) dumping.
B) slumping.
C) export manipulation.
D) constraining.
E) none of the above
A
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If the price elasticity of demand is elastic, then:
a. Ed < 1. b. consumers are relatively not very responsive to a price increase. c. an increase in the price will increase total revenue. d. there are likely a large number of substitute products available.
Marginal physical product is
A. the increase in input usage resulting from an increase in revenue. B. the same as marginal revenue product. C. equal to average physical product when a monopoly firm is in equilibrium. D. the increase in output stemming from a one-unit increase in input.
Which of the following resource payments is considered by economists as surplus payments?
A. Wages for labor B. Rent for land C. Interest for capital D. Profits for entrepreneurship
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.